Manulife Financial Corporation

October 18, 1999 PSE CIRCULAR FOR BROKERS NO. 2652-99 SUBJECT : Manulife Financial Corporation Manulife Financial Corporation ("MFC") furnished the Exchange copies of the Insider Reports (Form 55) which were recently filed under Canadian securities laws. Though insiders are individually responsible for filing these reports with applicable regulators, the company has decided to provide a service to insiders by filing the reports on their behalf. The reports are not continuous disclosure documents that must be filed by the company to maintain its status as a reporting issuer in Canada. MFC has provided copies of these reports and will continue to do so to the Exchange and the SEC at the time they are filed in Canada. The definition of "insider" or "insider of a reporting issuer," as stated in the Ontario Securities Act, is: "(a) every director or senior officer of a reporting issuer, (b) every director or senior officer of a company that is itself an insider or subsidiary of a reporting issuer, (c) any person or company who beneficially owns, directly or indirectly, voting securities of a reporting issuer or who exercises control or direction over voting securities of a reporting issuer or a combination of both carrying more than 10 per cent of the voting rights attached to all voting securities of the reporting issuer for the time being outstanding other than voting securities held by the person or company as underwriter in the course of a distribution, and LibLex (d) a reporting issuer where it has purchased, redeemed or otherwise acquired any of its securities, for so long as it holds any of its securities." Copies of the said Insider Reports and the Instructions are available for reference at the PSE Center and PSE Plaza Libraries. (SGD.) JOSE LUIS U. YULO, JR. President and CEO